Business
Guardant Health Reports Third Quarter 2023 Financial Results and Increases Revenue Guidance
Q3 revenue increased 22% year over year driven by clinical volume growth of 35% Raises 2023 revenue guidance to $553 to 556 million PALO ALTO,
About this update from Guardant Health, Inc.
[{"type":"text","content":"\nQ3 revenue increased 22% year over year driven by clinical volume growth of 35%\n\n\nRaises 2023 revenue guidance to $553 to 556 million\n\n\n PALO ALTO, Calif.--(BUSINESS WIRE)--\nGuardant Health, Inc. (Nasdaq: GH), a leading precision oncology company focused on helping conquer cancer globally through use of its proprietary tests, vast data sets and advanced analytics, today reported financial results for the quarter ended September 30, 2023.\n\n\nThird Quarter 2023 Financial Highlights\n\n\n\nRevenue of $143.0 million for the third quarter of 2023, an increase of 22% over the third quarter of 2022\n\n\n\nReported 43,900 tests to clinical customers and 7,500 tests to biopharmaceutical customers in the third quarter of 2023, representing increases of 35% and 11%, respectively, over the third quarter of 2022\n\n\n\nRecent Operating Highlights\n\n\n\nPresented first results of the PEGASUS MRD de-escalation trial at the European Society for Medical Oncology, ESMO, with data suggesting Guardant Reveal may help guide adjuvant treatment of colon cancer\n\n\n\nReceived coverage for Guardant Reveal from Geisinger Health Plan\n\n\n\nSurpassed 200 million covered lives for TissueNext\n\n\n\nLaunched Guardant360 for clinical use in Japan and biopharma use in China\n\n\n\nReceived regulatory approval in Japan for Guardant360 CDx as a companion diagnostic to ENHERTU for treatment of non-small cell lung cancer patients with HER2 mutations\n\n\n\nPublished the first paper for Shield demonstrating utility of blood-based CRC screening in Annals of Oncology\n\n\n\n“We ended the third quarter with revenue growth of 22%, driven by strong year-over-year growth in clinical volume. We are starting to see the impact of coverage decisions on Guardant360, with uplifts in ASPs and additional tailwinds further strengthening the financial profile of our Therapy Selection business,” said Helmy Eltoukhy, co-founder and co-CEO. “We recently presented exciting MRD data, further demonstrating the clinical utility of our Reveal blood test. We look forward to a strong finish to the year.”\n\n\n“We are continuing to make steady progress in our screening business with our Shield blood test,” said AmirAli Talasaz, co-founder and co-CEO. “At our recent investor day, we shared some promising new clinical validation data on the next generation of our Shield test. We ...